UK trade with Nigeria has risen by 78.2% to £7.5bn ($9.7bn), according to data from the UK’s Trade and Investment Factsheet.
Total UK exports to Nigeria totalled £4.3bn. Meanwhile, UK imports from Nigeria were worth £3.1bn, a rise of 114.4%.
In 2018, the UK announced the naira would become one of three West African currencies that UK Export Finance would pre-approve for financing transactions with Nigerian businesses.
The move has the potential to benefit small and medium-sized companies to negotiate better terms and minimise foreign exchange risks, according to Uche Uwaleke, a professor of Capital Market at the Nasarawa State University Keffi.
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